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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 9, 1999
KILROY REALTY CORPORATION
(Exact name of registrant as specified in its charter)
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Maryland Commission File Number: 1-12675 95-4598246
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
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2250 East Imperial Highway, Suite 1200, El Segundo, California 90245
(Address of principal executive offices)
Registrant's telephone number, including area code: (310) 563-5500
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ITEM 5. OTHER EVENTS
On December 9, 1999, Kilroy Realty Corporation announced that its Board of
Directors approved a share repurchase program pursuant to which the Company is
authorized to repurchase up to an aggregate of 3.0 million shares of its
outstanding common stock, representing up to approximately 11% of the Company's
currently outstanding shares. Repurchases may be made from time to time in the
open market or through privately negotiated transactions, subject to market
conditions, in compliance with the Rule 10b-18 under the Securities Act of 1933
and may be discontinued at any time. The Company intends to finance the share
repurchase program from the proceeds of its $39.0 million perpetual preferred
unit offering that was completed on December 9, 1999 and a targeted dispositions
program of non-strategic and mature industrial assets.
The Company's news release dated December 9, 1999 announcing the share
repurchase program is filed as Exhibit 99.1 hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit
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Number Description
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*99.1 News Release dated December 9, 1999.
* Filed herewith.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
KILROY REALTY CORPORATION
Date: December 15, 1999
By: /s/ Ann Marie Whitney
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Ann Marie Whitney
Vice-President and Controller
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EXHIBIT INDEX
Exhibit
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Number Description
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99.1 News Release dated December 9, 1999.
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EXHIBIT 99.1
NEWS RELEASE DATED DECEMBER 9, 1999
Contact: FOR RELEASE
Richard E. Moran Jr. December 9, 1999
Executive Vice President
and Chief Financial Officer
(310) 563-5533
or
Tyler H. Rose
Senior Vice President
and Treasurer
(310) 563-5531
KILROY REALTY CORPORATION ANNOUNCES
THREE MILLION SHARE REPURCHASE PROGRAM
LOS ANGELES, December 9, 1999 - Kilroy Realty Corporation (NYSE: KRC)
announced today that its Board of Directors has approved a share repurchase
program of up to an aggregate of three million of the company's shares of common
stock.
The potential repurchase equates to up to approximately 11% of the
company's outstanding shares of common stock. Purchases may be made from time
to time in open market transactions at prevailing prices or through privately
negotiated transactions and may be discontinued at any time. The company
intends to fund this program through the proceeds of its $39 million perpetual
preferred unit offering that was completed on December 9, 1999 and a targeted
disposition program of non-strategic and mature industrial properties.
Kilroy Realty Corporation is a Southern California-based real estate
investment trust active in the commercial office and industrial property
sectors. The company has a 50-year history of owning, developing, acquiring and
managing real estate assets in the coastal regions of California and Washington.
Principal submarkets for the company's current development projects include Los
Angeles, San Diego, Long Beach and Orange County, where the company's total
development program exceeds $480 million. At September 30, 1999, the company
owned
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6.2 million square feet of commercial office space and 6.4 million square
feet of industrial space. More information on Kilroy Realty can be found at
www.kilroyrealty.com.
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